Legal Question in Bankruptcy in California

Re: Filing Bankruptcy Answer from No. CA BK attorney

1. The vast majority of people keep their cars whether the vehicle is paid off or not (and the payments that go with them if they are not paid off). You have to list ALL your assets and ALL your debts when you file bankruptcy. That does not mean you will lose assets that you owe money on, you can keep them and make the payments.

2. Chapter 7 straight bankruptcy stays on your credit for up to 10 years. However, you can normally rebuild your credti to A-1 within 2-5 years despite the bankruptcy being on your credit.

3. You will be surprised at the credit offers you will get almost immediately upon filing.

Our Northern California law firm serves bankruptcy clients statewide. You will find lots of useful information and answers to most questions on bankruptcy on our online law office website at ca-bankruptcy-attorneys.com

Re: Filing Bankruptcy

You'll have to include your car, but you can keep it if the payments are current. The bankruptcy will stay on your credit report for 10 years, and you will be able to re-establish credit (slowly) right after the bankruptcy.

Re: Filing Bankruptcy

1. Probably, depending on its value and the amount owed, as well as the value of all your other assets;

2. 10 years

3. Yes

Re: Filing Bankruptcy

>>I have been thinking of filing bankruptcy and want to know if I will be able to keep my car or if I should include it?

You must include all of your debts. Generally, most people who file Chapter 7 are able to keep their cars if their payments are current.

>>How long does the bankruptcy stay on my credit record?

10 years.

>>Will I be able to purchase anything on credit again?

Yes. My clients tell me they even get solicitations while they're still in bankruptcy. It's not a good idea to take up those offers, however, because often the interest rates are astronomical. A better way to re-establish credit is to get a secured credit card with a low limit, so your spending on credit will not be hog wild, but manageable.